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2015 (12) TMI 835 - HC - Income TaxRevision u/s 263 - CIT(A) directing the Income-tax Officer to make enquiries regarding the sources of investment in purchase of silver bars - Tribunal has held that the Commissioner of Income-tax had no jurisdiction to invoke the provisions of section 263 of the Act in view of the fact that the material obtained from the custom authorities did not form part of the record of the Assessing Officer - Held that:- This issue stands concluded by the decision of the Supreme Court in the case of C.I.T. v. Manjunathesware Packing Products (1997 (12) TMI 4 - SUPREME Court ) wherein the court has held that the revisional power conferred on the Commissioner of Income-tax under section 263 is of wide amplitude. It enables the Commissioner to call for and examine the record of any proceeding under the Act and pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment or cancelling the assessment and directing a fresh assessment, if he considers that any order passed by the Assessing Officer is erroneous insofar as it is prejudicial to the interests of the revenue. After examining the record and after making or causing to be made an enquiry if he considers the order to be erroneous then he can pass the order thereon as the circumstances of the case justify. Obviously, as a result of the enquiry he may come in possession of new material and he would be entitled to take that new material into account. If the material, which was not available to the Income-tax Officer when he made the assessment could thus be taken into consideration by the Commissioner after holding an enquiry, there is no reason why the material which had already come on record though subsequently to the making of the assessment cannot be taken into consideration. Also see COMMISSIONER OF INCOME TAX Versus VALLABHDAS VITHALDAS [2015 (5) TMI 615 - GUJARAT HIGH COURT ] The reference is, accordingly, answered in the negative, that is, in favour of the revenue and against the assessee. The Appellate Tribunal was not right in law in holding that the Commissioner of Income-tax had no jurisdiction to invoke the powers under section 263 of the Act and direct the Income-tax Officer to make enquiries regarding source of investment in purchase of silver bars - Decided against assessee
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